Brazil Equity
Portfolio
As of August 01, 2025
| % of NAV | Timing | Long Bias | Long Only |
|---|---|---|---|
| SMAL11 | -78.90 | 30.55 | 100.00 |
| Caixa (Cdi) | 178.90 | 69.45 | 0.00 |
Performance
As of August 01, 2025
ibov
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 7.9 | 0.9 | 6.1 | -10.1 | 3.2 | -11.5 | 4.7 | 6.2 | 0.5 | 5.5 | -3.1 | -2.4 | 7.9 |
| 2023 | 3.4 | -7.5 | -2.9 | 2.5 | 3.7 | 9.0 | 3.3 | -5.1 | 0.7 | -2.9 | 12.5 | 5.4 | 22.1 |
| 2024 | -4.8 | 1.0 | -0.7 | -1.7 | -3.0 | 1.5 | 3.0 | 6.5 | -3.1 | -1.6 | -3.1 | -4.3 | -10.3 |
| 2025 | 4.9 | -2.6 | 6.1 | 3.7 | 1.5 | 1.3 | -4.2 | -0.5 | – | – | – | – | 10.2 |
bolsa_timing_long_bias
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 3.2 | -3.1 | 3.5 | -4.6 | 0.5 | -0.2 | 1.2 | 5.8 | -2.9 | 1.5 | -3.7 | -0.0 | 1.2 |
| 2023 | -0.9 | -0.9 | -0.4 | 0.5 | 12.9 | 9.6 | 2.7 | -5.2 | -0.8 | -1.3 | 6.5 | 8.4 | 31.1 |
| 2024 | -7.9 | -0.6 | 0.4 | -1.6 | -0.6 | 0.6 | -0.6 | 3.0 | -3.1 | 0.4 | -1.1 | 0.3 | -10.8 |
| 2025 | 1.6 | -2.7 | 3.2 | 6.7 | 7.1 | 0.2 | -3.9 | 0.1 | – | – | – | – | 12.3 |
bolsa_timing
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | -0.9 | -0.6 | -2.4 | -0.2 | 2.5 | 19.5 | -3.2 | 0.4 | -4.0 | -4.3 | 4.0 | 2.1 | 12.9 |
| 2023 | -4.9 | 9.4 | 1.4 | -1.6 | 8.3 | 8.5 | 1.6 | 0.2 | 2.5 | 8.0 | -2.2 | 7.5 | 38.7 |
| 2024 | -6.5 | -1.7 | -2.0 | 8.3 | 3.8 | 1.6 | -3.1 | 0.1 | 0.3 | 2.9 | 3.8 | 10.0 | 17.5 |
| 2025 | -5.5 | 0.2 | -2.6 | 1.9 | 6.4 | -0.6 | 1.7 | -0.2 | – | – | – | – | 1.3 |
lo
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 1.9 | -0.1 | 7.9 | 0.8 | 2.4 | -12.8 | 5.9 | 6.5 | -1.4 | 5.8 | -4.0 | 1.3 | 14.2 |
| 2023 | 5.5 | -6.8 | -3.8 | 4.1 | 8.6 | 10.4 | 1.5 | -1.3 | 0.6 | -6.7 | 10.3 | 6.5 | 28.9 |
| 2024 | -1.1 | 0.4 | 3.4 | -3.2 | -3.9 | 0.5 | 2.6 | 7.7 | -1.1 | 1.9 | 0.8 | -5.9 | 2.1 |
| 2025 | 3.0 | -2.8 | 2.4 | 6.2 | 4.4 | 3.2 | -4.7 | 0.5 | – | – | – | – | 12.2 |
ibov
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 7.9 | 0.9 | 6.1 | -10.1 | 3.2 | -11.5 | 4.7 | 6.2 | 0.5 | 5.5 | -3.1 | -2.4 | 7.9 |
| 2023 | 3.4 | -7.5 | -2.9 | 2.5 | 3.7 | 9.0 | 3.3 | -5.1 | 0.7 | -2.9 | 12.5 | 5.4 | 22.1 |
| 2024 | -4.8 | 1.0 | -0.7 | -1.7 | -3.0 | 1.5 | 3.0 | 6.5 | -3.1 | -1.6 | -3.1 | -4.3 | -10.3 |
| 2025 | 4.9 | -2.6 | 6.1 | 3.7 | 1.5 | 1.3 | -4.2 | -0.5 | – | – | – | – | 10.2 |
smll
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 6.7 | -5.2 | 8.8 | -8.4 | -1.8 | -16.3 | 5.2 | 10.9 | -1.8 | 7.3 | -11.2 | -3.0 | -8.8 |
| 2023 | 2.9 | -10.5 | -1.7 | 1.9 | 13.5 | 8.2 | 3.1 | -7.4 | -2.8 | -7.4 | 12.5 | 7.0 | 19.3 |
| 2024 | -6.6 | 0.5 | 2.2 | -7.8 | -3.4 | -0.4 | 1.5 | 4.5 | -4.4 | -1.4 | -4.5 | -7.8 | -27.6 |
| 2025 | 6.1 | -3.9 | 6.7 | 8.5 | 5.9 | 1.0 | -6.4 | 0.3 | – | – | – | – | 18.2 |
Stocks Holdings
As of August 01, 2025
| Stocks | % of NAV |
|---|---|
| BMOB3 | 5.96 |
| SAPR11 | 5.96 |
| PSSA3 | 5.96 |
| CSMG3 | 5.96 |
| ODPV3 | 5.36 |
| PETR4 | 5.24 |
| ALOS3 | 5.21 |
| MYPK3 | 5.15 |
| VULC3 | 5.06 |
| TGMA3 | 4.98 |
| CPFE3 | 4.97 |
| DIRR3 | 4.96 |
| ABCB4 | 4.95 |
| NEOE3 | 4.75 |
| VLID3 | 4.72 |
| VIVT3 | 4.71 |
| VBBR3 | 4.53 |
| ALUP11 | 4.42 |
| CMIG4 | 4.41 |
| MRFG3 | 2.76 |
| CDI | 0.00 |
| Total | 100.00 |
Sectors Exposure
As of August 01, 2025
| Sectors B3 | Long Only | Market (IBOV) |
|---|---|---|
| Utilidade Pública | 30.46 | 13.24 |
| Financeiro | 16.12 | 30.85 |
| Consumo Cíclico | 15.17 | 4.79 |
| Petróleo Gás E Biocombustíveis | 9.76 | 14.32 |
| Bens Industriais | 9.70 | 8.23 |
| Tecnologia Da Informação | 5.96 | 0.89 |
| Saúde | 5.36 | 3.87 |
| Comunicações | 4.71 | 3.98 |
| Consumo Não Cíclico | 2.76 | 8.96 |
| Materiais Básicos | 0.00 | 10.86 |
| Caixa | 0.00 | 0.00 |
| Total | 100.00 | 100.00 |
Multiples
As of August 01, 2025
| Indicators | Long Only | Market (IBOV) |
|---|---|---|
| P/L | 8.80 | 9.30 |
| P/FCF | 4.90 | 9.10 |
| EV / FCF | 7.80 | 8.60 |
| EV / EBITDA | 4.20 | 4.30 |
| P/B | 1.20 | 1.40 |
| Div Yield | 15.60 | 11.30 |
| ROE | 13.40 | 14.80 |
| ROIC | 10.80 | 11.10 |
| CROCI | 19.40 | 19.10 |
| FCFROIC | 11.40 | 10.70 |
| MgBruta | 38.10 | 44.00 |
| MgEBIT | 20.00 | 25.30 |
| MgLL | 8.70 | 18.00 |
| MgFcOp | 27.10 | 32.80 |
| MgFCF | 15.80 | 18.40 |
| DividaL / PL | 0.70 | 0.40 |
| EBITDA / DividaL | 0.60 | 0.70 |
| FCF / PassivoC | 0.50 | 0.50 |
| Borrow Yield | 0.40 | 1.30 |
| ADTV (MM) | 99.50 | 417.70 |
| wVol | 27.90 | 27.50 |
| wBeta | 0.80 | 0.90 |
ls
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 0.0 | 3.0 | 2.5 | 3.3 | 4.1 | -0.5 | 0.5 | 0.2 | -0.7 | 3.0 | 4.3 | 1.7 | 21.4 |
| 2023 | 2.4 | 2.4 | -2.5 | -0.5 | -1.6 | 6.1 | -1.9 | 5.7 | 5.2 | 3.5 | 2.2 | 2.2 | 23.2 |
| 2024 | 3.9 | -0.9 | 1.2 | 1.3 | -0.5 | 4.2 | 1.5 | 9.7 | 2.1 | 1.4 | 4.2 | 0.7 | 28.8 |
| 2025 | 1.2 | 1.3 | 0.6 | -0.4 | 2.3 | 4.9 | 0.9 | 0.4 | – | – | – | – | 11.2 |
ibov
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 7.9 | 0.9 | 6.1 | -10.1 | 3.2 | -11.5 | 4.7 | 6.2 | 0.5 | 5.5 | -3.1 | -2.4 | 7.9 |
| 2023 | 3.4 | -7.5 | -2.9 | 2.5 | 3.7 | 9.0 | 3.3 | -5.1 | 0.7 | -2.9 | 12.5 | 5.4 | 22.1 |
| 2024 | -4.8 | 1.0 | -0.7 | -1.7 | -3.0 | 1.5 | 3.0 | 6.5 | -3.1 | -1.6 | -3.1 | -4.3 | -10.3 |
| 2025 | 4.9 | -2.6 | 6.1 | 3.7 | 1.5 | 1.3 | -4.2 | -0.5 | – | – | – | – | 10.2 |
smll
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 6.7 | -5.2 | 8.8 | -8.4 | -1.8 | -16.3 | 5.2 | 10.9 | -1.8 | 7.3 | -11.2 | -3.0 | -8.8 |
| 2023 | 2.9 | -10.5 | -1.7 | 1.9 | 13.5 | 8.2 | 3.1 | -7.4 | -2.8 | -7.4 | 12.5 | 7.0 | 19.3 |
| 2024 | -6.6 | 0.5 | 2.2 | -7.8 | -3.4 | -0.4 | 1.5 | 4.5 | -4.4 | -1.4 | -4.5 | -7.8 | -27.6 |
| 2025 | 6.1 | -3.9 | 6.7 | 8.5 | 5.9 | 1.0 | -6.4 | 0.3 | – | – | – | – | 18.2 |
Top 10 Stocks Long Holdings
As of August 01, 2025
| Stocks | % of NAV |
|---|---|
| SAPR11 | 2.98 |
| PSSA3 | 2.98 |
| BMOB3 | 2.98 |
| CSMG3 | 2.98 |
| ODPV3 | 2.68 |
| PETR4 | 2.62 |
| ALOS3 | 2.61 |
| MYPK3 | 2.58 |
| VULC3 | 2.53 |
| TGMA3 | 2.49 |
Top 10 Stocks Short Holdings
As of August 01, 2025
| Stocks | % of NAV |
|---|---|
| SOJA3 | -4.28 |
| ORVR3 | -4.28 |
| RAIL3 | -4.28 |
| AGRO3 | -4.28 |
| NATU3 | -4.27 |
| AURE3 | -3.96 |
| MRVE3 | -3.83 |
| BRKM5 | -3.67 |
| IGTI11 | -3.54 |
| DXCO3 | -3.01 |
Stocks Holdings
As of August 01, 2025
| Side | Number of companies |
|---|---|
| Long | 62.00 |
| Short | 70.00 |
Sectors Exposure
As of August 01, 2025
| Sectors B3 | Net | Long | Short |
|---|---|---|---|
| Consumo Cíclico | 9.85 | 28.07 | -18.21 |
| Financeiro | 4.79 | 14.41 | -9.61 |
| Comunicações | 4.35 | 4.35 | 0.00 |
| Petróleo Gás E Biocombustíveis | 2.36 | 6.59 | -4.23 |
| Tecnologia Da Informação | -1.25 | 2.98 | -4.23 |
| Utilidade Pública | -1.39 | 15.34 | -16.73 |
| Saúde | -1.49 | 4.51 | -6.00 |
| Bens Industriais | -6.55 | 6.46 | -13.01 |
| Materiais Básicos | -10.26 | 3.19 | -13.46 |
| Consumo Não Cíclico | -17.73 | 4.12 | -21.85 |
| Caixa | 0.00 | 0.00 | 0.00 |
| Total | -17.31 | 90.03 | -107.34 |
Multiples
As of August 01, 2025
| Indicators | Long | Short | Market (IBOV) |
|---|---|---|---|
| P/L | 8.80 | -8.20 | 9.30 |
| P/FCF | 4.90 | -11.90 | 9.10 |
| EV / FCF | 7.80 | -24.60 | 8.60 |
| EV / EBITDA | 4.20 | 8.00 | 4.30 |
| P/B | 1.20 | 1.10 | 1.40 |
| Div Yield | 15.60 | 2.80 | 11.30 |
| ROE | 13.40 | -13.40 | 14.80 |
| ROIC | 10.80 | 3.60 | 11.10 |
| CROCI | 19.40 | 5.30 | 19.10 |
| FCFROIC | 11.40 | -3.40 | 10.70 |
| MgBruta | 38.10 | 17.50 | 44.00 |
| MgEBIT | 20.00 | 4.70 | 25.30 |
| MgLL | 8.70 | -4.80 | 18.00 |
| MgFcOp | 27.10 | 5.20 | 32.80 |
| MgFCF | 15.80 | -3.30 | 18.40 |
| DividaL / PL | 0.70 | 1.10 | 0.40 |
| EBITDA / DividaL | 0.60 | 0.30 | 0.70 |
| FCF / PassivoC | 0.50 | -0.10 | 0.50 |
| Borrow Yield | 0.40 | 2.70 | 1.30 |
| ADTV (MM) | 99.50 | 49.80 | 417.70 |
| wVol | 27.90 | 36.80 | 27.50 |
| wBeta | 0.80 | 0.70 | 0.90 |